{"id":587329,"date":"2023-05-25T00:00:00","date_gmt":"2023-05-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/efg-revenue-earnings-more-than-double-y-o-y-in-1q-2023\/"},"modified":"2023-05-25T00:00:00","modified_gmt":"2023-05-25T00:00:00","slug":"efg-revenue-earnings-more-than-double-y-o-y-in-1q-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/efg-revenue-earnings-more-than-double-y-o-y-in-1q-2023\/","title":{"rendered":"EFG revenue, earnings more than double y-o-y in 1Q 2023"},"content":{"rendered":"

<\/span>EFG Holding reports strong growth in 1Q 2023:<\/span> EFG <\/span>Holding reported a net income after tax <\/span>and minority interest of EGP 885 mn in 1Q 2023, up 157% y-o-y, according to its <\/span>earnings releas<\/a><\/span>e (pdf)<\/a><\/span>. Revenues were up 129% y-o-y to EGP 4.5 bn, underpinned by growth in treasury operations as well as a strong performance generated by its investment bank and commercial lender <\/span>aiBank<\/a><\/span>. <\/span><\/p>\n

The breakdown: <\/span>Revenues at EFG\u2019s investment bank more than tripled to EGP 3.0 bn in 1Q <\/span>2023, driven by a 238% y-o-y surge in investment banking revenue to EGP 216 mn and a 44% y-o-y increase in brokerage revenues to EGP 621 mn. The NBFI platform delivered EGP 689 mn in revenue in 1Q 2023, up 15% from the year before \u2014 largely thanks to a 78% rise in revenues to EGP 254 mn at valU, the company\u2019s BNPL arm. Meanwhile, aiBank\u2019s revenues rose 65% y-o-y to EGP 727 mn on the back of higher net interest income. EFG <\/span>acquired<\/a><\/span>51% of the bank in November 2021. <\/span><\/p>\n

What they said:<\/span> \u201cOur core operational platforms supported our performance for the period, <\/span>especially on the sell-side of the house,\u201d Group CEO Karim Awad said in <\/span>a statement (p<\/a><\/span>df)<\/a><\/span>. \u201cOur investment banking division executed a strong pipeline of [transactions], concluding two equity and seven debt transactions worth an aggregate of USD 2.9 bn. These included the landmark IPOs of <\/span>Abraj Energy Services<\/a><\/span> on the Muscat Stock Exchange and <\/span>Adnoc Gas<\/a><\/span> on the Abu Dhabi Securities Exchange \u2014 the largest listings on their respective stock exchange.\u201d<\/span><\/p>\n

EFG Holding?<\/span>The company\u2019s shareholders yesterday voted to change the company\u2019s name <\/span>from EFG Hermes Holding to EFG Holding, according to <\/span>a press release<\/a><\/span>(pdf)<\/a><\/span>. Shareholders approved a proposal to raise its issued and paid-in capital by 25% to EGP 7.3 bn and to increase its authorized capital from EGP 6 bn to EGP 30 bn. <\/span><\/p>\n

IBNSINA EARNINGS RISE-<\/span><\/p>\n

Ibnsina Pharma\u2019s <\/span>net income after minority interest rose 22%<\/span> y-o-y <\/span>to EGP 72.6 mn in 1Q <\/span>2023<\/span>, according to the company\u2019s <\/span>earnings<\/a><\/span>release (pdf)<\/a><\/span>. Ibnsina booked revenues of EGP 6.8 bn, up 28% y-o-y. Revenue growth was driven by the company\u2019s wholesale segment, while efficiency savings protected its bottom line from the impact of inflation and the EGP devaluation. <\/span><\/p>\n

Ibnsina\u2019s \u201cconservative\u201d strategy reaped rewards: <\/span>Ibnsina grew revenues in its wholesale business by 63% to hit EGP 2.4 bn, and in its hospital and tenders segment by 30% to reach EGP 1.3 bn. The company pursued a \u201cconservative sales policy\u201d in its core retail business, reducing its credit lines with some pharmacies to mitigate risk amid economic headwinds. That led to more modest growth in the retail segment, which increased 11% to EGP 3.3 bn \u2014 meaning its core business accounted for 47% of overall revenues, down from 54% the previous year. <\/span><\/p>\n

And limited cost inflation: <\/span>Ibnsina also implemented \u201cconservative\u201d policies to limit growth in operational expenditure to 7% even as input costs increased at a much higher rate, making efficiency savings on salaries, electricity, packaging, and printing, among other areas. <\/span><\/p>\n

Ibnsina says it's now the country\u2019s top pharma distributor, <\/span>citing an IQVIA report that put its market share at 24% in 1Q 2023. \u201cWe take great pride in being recognized as the top pharma distributor in Egypt, and we are committed to maintain this position by continuing to innovate, invest, and provide exceptional services,\u201d CEO Omar Abdel Gawad said. \u201cWe target in FY23 to restore our revenue growth to reach high teens levels with a significant EBITDA margin enhancement,\u201d he added.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Revenues more than tripled at the company\u2019s investment bank<\/p>\n","protected":false},"author":1,"featured_media":587330,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[204,409,7107,72,503,1414,427],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-banking","tag-earnings-watch","tag-efg-holding","tag-enterpriseam","tag-financial-services","tag-ibnsina-pharma","tag-pharma","wpautop","entry"],"acf":{"mongo_id":"2c4fca3c-a55a-4019-b1c7-44cff9376ea7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/511.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EFG revenue, earnings more than double y-o-y in 1Q 2023","related_issue":[587318],"teaser":"Revenues more than tripled at the company\u2019s investment bank","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.520d2965-b11e-444a-8d6e-bb09db407632.mp3"},"yoast_head":"\nEFG revenue, earnings more than double y-o-y in 1Q 2023 - 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Top\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/354.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597668,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/efg-holding-net-income-rises-20-y-o-y-in-2q-2023\/","url_meta":{"origin":587329,"position":1},"title":"EFG Holding net income rises 20% y-o-y in 2Q 2023","author":"enterpriseam admin","date":"13 August 2023","format":false,"excerpt":"The group\u2019s investment banking, commercial banking and non-bank financial services arms all reported revenue growth","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/530.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587677,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/30\/earnings-watch-telecom-egypt-mm-group-housing-and-development-bank-raya-holding-eastern-company-and-abu-qir-fertilizers-report-results\/","url_meta":{"origin":587329,"position":2},"title":"Earnings watch: Telecom Egypt, MM Group, Housing and Development Bank, Raya Holding, Eastern Company, and Abu Qir Fertilizers report results","author":"enterpriseam admin","date":"30 May 2023","format":false,"excerpt":"EARNINGS WATCH- Telecom Egypt reported EGP 4.1 bn in normalized net income in 1Q 2023, rising 144% y-o-y, according to its earnings release (pdf). The company\u2019s revenues climbed 48% y-o-y to EGP 14 bn during the quarter.MM Group for Industry and International Trade\u2019s net income rose 201.7% y-o-y to EGP\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":584053,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/efg-hermes-and-orascom-construction-report-higher-revenues-in-2022\/","url_meta":{"origin":587329,"position":3},"title":"EFG Hermes and Orascom Construction report higher revenues in 2022","author":"enterpriseam admin","date":"26 March 2023","format":false,"excerpt":"Investment bank and non-bank lending sees strong growth","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/428.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550938,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/15\/earnings-watch-amoc-credit-agricole-export-development-bank-adib\/","url_meta":{"origin":587329,"position":4},"title":"Earnings watch: AMOC, Credit Agricole, Export Development Bank, ADIB","author":"enterpriseam admin","date":"15 May 2022","format":false,"excerpt":"EARNINGS WATCH- Alexandria Minerals Oil Company\u2019s (AMOC) bottom line rose roughly 638% in 9M 2021-2022 to EGP 762 mn, according to the company\u2019s financials (pdf). The company\u2019s revenues rose 72% y-o-y during the nine-month period to EGP 12.26 bn. Credit Agricole Egypt\u2019s bottom line rose 30% y-o-y in 1Q 2022\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598132,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/15\/earnings-watch-efg-hermes-talaat-moustafa-telecom-egypt-porto-group-credit-agricole-vodafone-egypt\/","url_meta":{"origin":587329,"position":5},"title":"Earnings Watch: EFG Hermes, Talaat Moustafa, Telecom Egypt, Porto Group, Credit Agricole, Vodafone Egypt","author":"enterpriseam admin","date":"15 May 2019","format":false,"excerpt":"EARNINGS WATCH- EFG Hermes net profits rise 51% y-o-y in 1Q2019 to EGP 374 mn, the company announced in a statement (pdf). Revenues rose 42% y-o-y to reach EGP 1.3 bn, up from EGP 945 mn in 1Q2018. Earnings growth was driven by a 58% y-o-y increase in commissions and\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=587329"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587329\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/587318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/587330"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=587329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=587329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=587329"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=587329"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=587329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}